Livingalmostlarge,
When my dad moves out, he is leaving all furnishings here...this includes all furniture, law equiptment, kitchen items...the works. The house needs some updating...but not renovations. My main thing would be to replace the countertops (which are in excellent shape - its just that they are a bit dated) and that kind of stuff can wait. In fact, the only thing that needs to be replaced would be the roof in about 10 years...
I could definitely buy a condo or a townhome. HOA fees stink though. The difference is about $100,000. My house would be $300,000 and a condo/townhome would be $200,000.
My thoughts are...i wouldn't want to live in a condo/townhome long term. I would always be wishing for a single family home. With all of the furnishings (which are in great shape) being left behind...it seems like a great advantage. Also, I really don't think I would ever, ever move from the home unless I had a huge job change (and I am tenured in a fantastic school district).
So I don't know what is the smartest thing to do. The house does well with heating/cooling costs...not much more than a smaller place would...its been beautiful maintained...I don't know. It would make things easier on my father - but I know that isn't a reason to buy it. I do love it though. A lot.
I figure in two years I will have $75,000 saved (not counting interest) and I will be making $70,000. I will be able to afford it.
By the end of this year I will have $45,000 saved...and be making $60,000. I could afford something around $200,000...but would probably only live there for 5-7 years.
Am I crazy? Prolly.
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